Finnish finance company FinnFund has provided US$15 million in financing to fund the construction of 10 PV projects in El Salvador, which will have a combined generation capacity of 100MW.
The company responsible for the projects is Bosforo Ltda. De CV, which is owned by both AES Soluciones and CMI Solaris Investments.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
FinnFund is providing US$15 million of the funding for the projects, with the total financing expected to be around US$160 million.
Once completed, each of the 10 installations will generate enough energy for nearly 30,000 rural households.
It is estimated that a labor force of up to 70 people will be employed throughout the initial two years of construction.
Jaakko Kangasniemi, CEO of Finnfund, said: ”Solar energy in El Salvador fits well with Finnfund’s strategy. For us it is particularly important that the projects are taking place in poor areas which, in terms of development, have been left behind in many ways. We have paid special attention to cooperation with local communities.”
Last year, French firm Neoen recently launched operations at the 101MW Providencia Solar project in EL Salvador.